Hey TFCians,
There is a very important issue we should raise. Recently, after a lot of pressure, the government decided to cut GST rates and simplify processes for fellow Indians, a much-needed step that will ultimately increase consumption and boost the economy. Although we can’t say anything for sure, there are rumors that the government is planning to implement a 40% GST slab. Anyway, these are just rumors, we’ll have to wait for the actual picture.
But there is one important issue the government has been overlooking for a very long time.
I’m talking about the DICGC insurance cover on our bank deposits.
The government increased the cover from ₹1 lakh to ₹5 lakh in 2020, but compared to today’s scenario, even a child can understand that ₹5 lakh is far too low. There was news that the government might hike the DICGC cover to ₹12 lakh in the current financial year, but even that is not going to be enough.
In the US, the FDIC offers deposit insurance of $250,000 which equals about ₹2.18 crore INR at today’s exchange rate.
In the UK, the FSCS covers deposits up to £85,000 per financial institution, which equals about ₹1.006 crore INR today.
So, what’s stopping India and its government from offering a decent amount of cover to its citizens? At the very least, we need ₹1 crore INR worth of insurance per RBI-regulated bank.
People should come forward and raise this issue, as it is extremely important for protecting the interests of banking consumers and ensuring the financial security of all Indian citizens.
There is a very important issue we should raise. Recently, after a lot of pressure, the government decided to cut GST rates and simplify processes for fellow Indians, a much-needed step that will ultimately increase consumption and boost the economy. Although we can’t say anything for sure, there are rumors that the government is planning to implement a 40% GST slab. Anyway, these are just rumors, we’ll have to wait for the actual picture.
But there is one important issue the government has been overlooking for a very long time.
I’m talking about the DICGC insurance cover on our bank deposits.
The government increased the cover from ₹1 lakh to ₹5 lakh in 2020, but compared to today’s scenario, even a child can understand that ₹5 lakh is far too low. There was news that the government might hike the DICGC cover to ₹12 lakh in the current financial year, but even that is not going to be enough.
In the US, the FDIC offers deposit insurance of $250,000 which equals about ₹2.18 crore INR at today’s exchange rate.
In the UK, the FSCS covers deposits up to £85,000 per financial institution, which equals about ₹1.006 crore INR today.
So, what’s stopping India and its government from offering a decent amount of cover to its citizens? At the very least, we need ₹1 crore INR worth of insurance per RBI-regulated bank.
People should come forward and raise this issue, as it is extremely important for protecting the interests of banking consumers and ensuring the financial security of all Indian citizens.
